Qatar to acquire up to 60 new LNG vessels - The Peninsula Qatar:
Minister of State for Energy Affairs and the President and CEO of Qatar Petroleum, H E Saad bin Sherida Al Kaabi, said yesterday that Qatar will be acquiring a substantial number of LNG vessels to transport the increased output of gas (the post-moratorium volumes). It may require up to 60 additional ships which will be depending on various factors.
H E Al Kaabi also said that it is still very fluid, and the exact number will become clearer with time as how many vessels will be required to transport the additional volume of nearly 50 million tonnes of LNG which will depend on customers’ destinations, size of contracts and vessels and many other factors.
“It should be between 50 and 60 vessels that we will require to transport the expanded output of LNG which will increase from 77 million tonnes per annum (mtpa) to 110mtpa by 2024. It will be very substantial number, but things will become clear with time,” said H E Al Kaabi in response to a question at a press conference held yesterday on the sidelines of the launch of TAWTEEN programme, a Qatar Petroleum initiative to enhance localising supply chain in the energy industry to support SMEs.
Tuesday 19 February 2019
#AbuDhabi Oil Giant's Credit Ranked AA as Aramco Seeks Rating - Bloomberg
Abu Dhabi Oil Giant's Credit Ranked AA as Aramco Seeks Rating - Bloomberg:
Abu Dhabi’s government-owned oil giant received the region’s highest credit rating as Middle Eastern producers, including the world’s largest Saudi Aramco, pursue international investors and seek new funds for expansion.
The assessment of Abu Dhabi National Oil Co. by Fitch Ratings and the expected rankings for Aramco are providing a rare peak into the finances of some of the world’s biggest and most secretive companies.
Adnoc said the increased transparency will help it “expand its partner and investor universe” as it builds refineries and chemical plants. Aramco plans to sell a $10 billion bond to finance the acquisition of petrochemicals maker Saudi Basic Industries Corp.
Abu Dhabi’s government-owned oil giant received the region’s highest credit rating as Middle Eastern producers, including the world’s largest Saudi Aramco, pursue international investors and seek new funds for expansion.
The assessment of Abu Dhabi National Oil Co. by Fitch Ratings and the expected rankings for Aramco are providing a rare peak into the finances of some of the world’s biggest and most secretive companies.
Adnoc said the increased transparency will help it “expand its partner and investor universe” as it builds refineries and chemical plants. Aramco plans to sell a $10 billion bond to finance the acquisition of petrochemicals maker Saudi Basic Industries Corp.
No upturn in sight for #Dubai real estate by 2021- S&P | ZAWYA MENA Edition
No upturn in sight for Dubai real estate by 2021- S&P | ZAWYA MENA Edition:
A stabilisation of Dubai's real estate market is only likely to begin in 2020, and no upside in the market is forecast for 2021, according to ratings agency S&P Global, which warned that its already "grim" forecast could worsen if government-backed developers continue to release new stock.
The agency said in a note released on Monday that its base case scenario is for Dubai's property market to continue a decline this year that began in mid-2014, with values expected to fall by a further 5-10 percent, before stabilising next year and flatlining in 2021.
However, it added that under a “stress case” scenario based partly on increasing supply, prices could fall by up to 15 percent this year and up to 10 percent in 2020, placing more pressure on the emirate's sovereign credit profile and its banks.
A stabilisation of Dubai's real estate market is only likely to begin in 2020, and no upside in the market is forecast for 2021, according to ratings agency S&P Global, which warned that its already "grim" forecast could worsen if government-backed developers continue to release new stock.
The agency said in a note released on Monday that its base case scenario is for Dubai's property market to continue a decline this year that began in mid-2014, with values expected to fall by a further 5-10 percent, before stabilising next year and flatlining in 2021.
However, it added that under a “stress case” scenario based partly on increasing supply, prices could fall by up to 15 percent this year and up to 10 percent in 2020, placing more pressure on the emirate's sovereign credit profile and its banks.
Fitch rates ADNOC AA, in line with #AbuDhabi's sovereign rating | Reuters
Fitch rates ADNOC AA, in line with Abu Dhabi's sovereign rating | Reuters:
Abu Dhabi National Oil Company (ADNOC) has been given an AA credit rating by Fitch, the highest in the Gulf region and in line with the rating of the Abu Dhabi government which owns the oil giant, Fitch and ADNOC said on Tuesday.
The rating is the first assigned to ADNOC, one of the world’s largest oil producers by volume, and will allow the company wider access to international financial markets and investors.
ADNOC’s rating “reflects the company’s high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile,” Fitch said in a statement.
Abu Dhabi National Oil Company (ADNOC) has been given an AA credit rating by Fitch, the highest in the Gulf region and in line with the rating of the Abu Dhabi government which owns the oil giant, Fitch and ADNOC said on Tuesday.
The rating is the first assigned to ADNOC, one of the world’s largest oil producers by volume, and will allow the company wider access to international financial markets and investors.
ADNOC’s rating “reflects the company’s high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile,” Fitch said in a statement.
Brent dips as demand worries weigh, U.S. oil prices hit 2019 high | Reuters
Brent dips as demand worries weigh, U.S. oil prices hit 2019 high | Reuters:
Oil prices were mixed on Tuesday as concerns about global crude oil demand and uncertainty over the latest round of U.S.-China trade talks countered investor optimism around tightening supplies.
Brent crude slipped 5 cents to settle at $66.45 a barrel, hovering below its 2019 high of $66.83 reached on Monday. U.S. crude was up 50 cents to $56.09 a barrel, its highest since November 2018.
Washington’s sanctions on oil out of Venezuela, a top supplier of sour crude to the United States, has helped support U.S. futures prices, said Phil Flynn, an analyst at Price Futures Group in Chicago.
Oil prices were mixed on Tuesday as concerns about global crude oil demand and uncertainty over the latest round of U.S.-China trade talks countered investor optimism around tightening supplies.
Brent crude slipped 5 cents to settle at $66.45 a barrel, hovering below its 2019 high of $66.83 reached on Monday. U.S. crude was up 50 cents to $56.09 a barrel, its highest since November 2018.
Washington’s sanctions on oil out of Venezuela, a top supplier of sour crude to the United States, has helped support U.S. futures prices, said Phil Flynn, an analyst at Price Futures Group in Chicago.
U.S. shale oil output to hit record 8.4 million bpd in March: EIA | Reuters
U.S. shale oil output to hit record 8.4 million bpd in March: EIA | Reuters:
U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday.
The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 43,000 bpd to a record 4.024 million bpd in March.
A shale revolution has helped boost the United States to the position of world’s biggest crude oil producer, ahead of Saudi Arabia and Russia. Overall crude production has climbed to a weekly record of 11.9 million bpd.
U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday.
The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 43,000 bpd to a record 4.024 million bpd in March.
A shale revolution has helped boost the United States to the position of world’s biggest crude oil producer, ahead of Saudi Arabia and Russia. Overall crude production has climbed to a weekly record of 11.9 million bpd.
MIDEAST STOCKS- #Dubai extends rally, #Saudi banks hit on profit-taking | Reuters
MIDEAST STOCKS-Dubai extends rally, Saudi banks hit on profit-taking | Reuters:
The Dubai stock market extended gains as it rose for a fifth session on Tuesday, mainly driven by property stocks after strong fourth-quarter earnings.
Saudi Arabia's market fell as investors booked profit after the market gained significantly this year. Banks had led the rally, then were hit hard, with nine of 11 banks falling.
In Dubai, the benchmark index rose 0.6 percent with the most heavily traded stock, Emaar Properties, gaining 3.1 percent and its unit Emaar Malls rising 1.9 percent. The stocks have gained in recent sessions after posting robust fourth-quarter earnings, boosting the index.
The Dubai stock market extended gains as it rose for a fifth session on Tuesday, mainly driven by property stocks after strong fourth-quarter earnings.
Saudi Arabia's market fell as investors booked profit after the market gained significantly this year. Banks had led the rally, then were hit hard, with nine of 11 banks falling.
In Dubai, the benchmark index rose 0.6 percent with the most heavily traded stock, Emaar Properties, gaining 3.1 percent and its unit Emaar Malls rising 1.9 percent. The stocks have gained in recent sessions after posting robust fourth-quarter earnings, boosting the index.
#Dubai's Mashreqbank set to raise $500mln in bonds | ZAWYA MENA Edition
Dubai's Mashreqbank set to raise $500mln in bonds | ZAWYA MENA Edition:
Dubai-based Mashreqbank is set to raise $500 million in five-year bonds, offering investors 175 basis points over mid-swaps, a document by one of the banks leading the deal showed on Tuesday.
Mashreqbank, the largest privately owned bank in the United Arab Emirates, started marketing the notes earlier on Tuesday with an initial guidance of about 200 bps over mid-swaps.
It received orders in excess of $1.8 billion, according to the document.
Dubai-based Mashreqbank is set to raise $500 million in five-year bonds, offering investors 175 basis points over mid-swaps, a document by one of the banks leading the deal showed on Tuesday.
Mashreqbank, the largest privately owned bank in the United Arab Emirates, started marketing the notes earlier on Tuesday with an initial guidance of about 200 bps over mid-swaps.
It received orders in excess of $1.8 billion, according to the document.
#Saudi crown prince’s India visit puts relationship to the test | Financial Times
Saudi crown prince’s India visit puts relationship to the test | Financial Times:
Saudi Arabia’s Prince Mohammed bin Salman is set to arrive in New Delhi on Tuesday on a state visit that will test the kingdom’s relationship with India after a bloody terror attack in Kashmir, claimed by a Pakistan-based terrorist group, revived Indo-Pakistan tensions.
Prince Mohammed’s trip, during which he is expected to sign investment agreements, comes just days after a visit to Pakistan during which he pledged $20bn to its cash-strapped government and praised Prime Minister Imran Khan’s fight against terrorism.
Saudi foreign minister Adel al-Jubeir said on Monday that Riyadh wanted to try to de-escalate tensions between the two neighbouring countries and “to see if there is a path forward to resolving those differences peacefully”.
Saudi Arabia’s Prince Mohammed bin Salman is set to arrive in New Delhi on Tuesday on a state visit that will test the kingdom’s relationship with India after a bloody terror attack in Kashmir, claimed by a Pakistan-based terrorist group, revived Indo-Pakistan tensions.
Prince Mohammed’s trip, during which he is expected to sign investment agreements, comes just days after a visit to Pakistan during which he pledged $20bn to its cash-strapped government and praised Prime Minister Imran Khan’s fight against terrorism.
Saudi foreign minister Adel al-Jubeir said on Monday that Riyadh wanted to try to de-escalate tensions between the two neighbouring countries and “to see if there is a path forward to resolving those differences peacefully”.
David Miliband adds to criticism of #UK arms sales to #SaudiArabia | Financial Times
David Miliband adds to criticism of UK arms sales to Saudi Arabia | Financial Times:
Former UK Foreign Secretary David Miliband called for the British government to stop selling arms to Saudi Arabia, adding to the pressure on ministers to rethink trade links with Riyadh because of the ongoing civil war and humanitarian crisis in Yemen.
In an interview with the Financial Times, Mr Miliband, who now leads humanitarian group, the International Rescue Committee, said Britain should observe its own strict regulations on arms sales which ban the trade of any weapons that may be used by countries in breach of international humanitarian law.
“The stricture is very clear,” Mr Miliband said. “No arms sales for internal oppression or external aggression. I have been saying for some time I couldn’t understand how arms sales to support the war strategy were outside that definition.
Former UK Foreign Secretary David Miliband called for the British government to stop selling arms to Saudi Arabia, adding to the pressure on ministers to rethink trade links with Riyadh because of the ongoing civil war and humanitarian crisis in Yemen.
In an interview with the Financial Times, Mr Miliband, who now leads humanitarian group, the International Rescue Committee, said Britain should observe its own strict regulations on arms sales which ban the trade of any weapons that may be used by countries in breach of international humanitarian law.
“The stricture is very clear,” Mr Miliband said. “No arms sales for internal oppression or external aggression. I have been saying for some time I couldn’t understand how arms sales to support the war strategy were outside that definition.
OPEC, Allies Reset Oil Cuts. About Half Are Keeping the Bargain.
OPEC, Allies Reset Oil Cuts. About Half Are Keeping the Bargain.:
The oil-producer alliance known as OPEC+ in January completed its first month of supply cuts after adjusting the terms of the pact late last year. The results are less than stellar. Just 10 out of 21 nations curbing output fully complied with the accord last month, Bloomberg estimates show.
The oil-producer alliance known as OPEC+ in January completed its first month of supply cuts after adjusting the terms of the pact late last year. The results are less than stellar. Just 10 out of 21 nations curbing output fully complied with the accord last month, Bloomberg estimates show.
#Dubai's `Long Decline' in Property Prices Isn't Over Yet for S&P - Bloomberg
Dubai's `Long Decline' in Property Prices Isn't Over Yet for S&P - Bloomberg:
The worst is yet to come for Dubai’s real estate after prices already plunged close to levels last seen during a crash a decade ago, according to S&P Global Ratings.
A supply glut has built up even as demand faltered, feeding what S&P is calling the market’s “long decline” that’s seen prices and rents drop by as much as a third since peaking in 2014. The worries go beyond the property sector in Dubai, which relies on real estate and construction for 14 percent of its economic output, with the rating company saying it’s taking a negative view of industries ranging from banks to insurance.
“Given the continued gap between supply and demand, in our base case we expect prices to fall a further 5 percent to 10 percent in 2019 before a gradual stabilization in 2020, though without a meaningful recovery in 2021,” S&P analyst Sapna Jagtiani said in a report.
The worst is yet to come for Dubai’s real estate after prices already plunged close to levels last seen during a crash a decade ago, according to S&P Global Ratings.
A supply glut has built up even as demand faltered, feeding what S&P is calling the market’s “long decline” that’s seen prices and rents drop by as much as a third since peaking in 2014. The worries go beyond the property sector in Dubai, which relies on real estate and construction for 14 percent of its economic output, with the rating company saying it’s taking a negative view of industries ranging from banks to insurance.
“Given the continued gap between supply and demand, in our base case we expect prices to fall a further 5 percent to 10 percent in 2019 before a gradual stabilization in 2020, though without a meaningful recovery in 2021,” S&P analyst Sapna Jagtiani said in a report.
#AbuDhabi Oil Giant Gets Region's Top Credit Rating From Fitch - Bloomberg
Abu Dhabi Oil Giant Gets Region's Top Credit Rating From Fitch - Bloomberg:
Abu Dhabi’s government-owned oil giant was assigned the region’s highest credit rating as the company pursues international investors and seeks to raise new funds from its businesses.
Fitch Ratings gave Abu Dhabi National Oil Co. an AA long-term credit rating, it said in a statement. Saudi Aramco, the world’s biggest oil company, plans to sell about $10 billion in bonds this year and is in talks with ratings agencies aimed at getting its own debt ranking.
Adnoc said in a separate statement it has no plans to issue a bond at the group level.
Abu Dhabi’s government-owned oil giant was assigned the region’s highest credit rating as the company pursues international investors and seeks to raise new funds from its businesses.
Fitch Ratings gave Abu Dhabi National Oil Co. an AA long-term credit rating, it said in a statement. Saudi Aramco, the world’s biggest oil company, plans to sell about $10 billion in bonds this year and is in talks with ratings agencies aimed at getting its own debt ranking.
Adnoc said in a separate statement it has no plans to issue a bond at the group level.
Ahead of #Saudi visit, China seeks 'deeper trust' with #Iran | Reuters
Ahead of Saudi visit, China seeks 'deeper trust' with Iran | Reuters:
China wants to deepen “strategic trust” with Iran, the Chinese government’s top diplomat told Iran’s foreign minister on Tuesday, days before Saudi Arabia’s crown prince visits Beijing, underscoring China’s difficult Middle East balancing act.
China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil, but it has been trying to raise its profile, especially in the Arab world.
Saudi Arabia’s King Salman visited Beijing in 2017, and Saudi Crown Prince Mohammed bin Salman arrives in China later this week.
China wants to deepen “strategic trust” with Iran, the Chinese government’s top diplomat told Iran’s foreign minister on Tuesday, days before Saudi Arabia’s crown prince visits Beijing, underscoring China’s difficult Middle East balancing act.
China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil, but it has been trying to raise its profile, especially in the Arab world.
Saudi Arabia’s King Salman visited Beijing in 2017, and Saudi Crown Prince Mohammed bin Salman arrives in China later this week.
Oil hovers just below 2019 highs as markets look to trade talks | Reuters
Oil hovers just below 2019 highs as markets look to trade talks | Reuters:
Oil prices hovered just below 2019 highs on Tuesday as traders waited for the outcome of U.S.-China trade talks this week, while supply cuts led by producer group OPEC meant markets were relatively tight.
International Brent crude oil futures were at $66.52 per barrel at 0755 GMT, 5 cents above their last close and not far off the 2019 high of $66.83 a barrel hit in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, up 44 cents, or 0.8 percent, from their last settlement and close to the 2019 high of $56.33 touched the previous day.
Oil prices hovered just below 2019 highs on Tuesday as traders waited for the outcome of U.S.-China trade talks this week, while supply cuts led by producer group OPEC meant markets were relatively tight.
International Brent crude oil futures were at $66.52 per barrel at 0755 GMT, 5 cents above their last close and not far off the 2019 high of $66.83 a barrel hit in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, up 44 cents, or 0.8 percent, from their last settlement and close to the 2019 high of $56.33 touched the previous day.
MIDEAST STOCKS- #Dubai continues winning streak, banks pressure Saudi | Reuters
MIDEAST STOCKS-Dubai continues winning streak, banks pressure Saudi | Reuters:
The Dubai stock market extended a run of gains as it rose for a fifth session on Tuesday, mainly driven up by property stocks after strong fourth-quarter earnings.
Banks dragged Saudi lower as investors booked profit after the market gained significantly this year.
In Dubai, the index rose 0.7 percent with the most heavily-traded stock Emaar Properties gaining 3.3 percent, while its unit Emaar Malls rose 1.3 percent. The stocks have been rising in recent sessions after posting robust fourth-quarter earnings, boosting the index.
The Dubai stock market extended a run of gains as it rose for a fifth session on Tuesday, mainly driven up by property stocks after strong fourth-quarter earnings.
Banks dragged Saudi lower as investors booked profit after the market gained significantly this year.
In Dubai, the index rose 0.7 percent with the most heavily-traded stock Emaar Properties gaining 3.3 percent, while its unit Emaar Malls rose 1.3 percent. The stocks have been rising in recent sessions after posting robust fourth-quarter earnings, boosting the index.
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